Title
Approval and Authorization to Purchase Real Property on Southeast 4th Street (B)
This item is a request to approve and authorize the purchase of real property, located at 1125 Southeast 4th Street, known as Alachua County Tax Parcel 16026-000-000.
Explanation
As primary part of the proposed renovations to Southeast 4th Street, it is necessary to purchase property for stormwater retention and treatment. To treat the stormwater, north of Sweetwater Branch, the Public Works Department has identified a property, owned by the Joseph N. Holton QTIP Trust and known as Tax Parcel 16026-000-000. This parcel consists of 3.75 acres which would allow ample room for a retention pond to include a park with pedestrian walk. The pond and park amenity would be similar to the retention pond located southwest of Southwest 6th Street and Southwest 5th Avenue. The purchase would also supply additional right of way for the Southeast 4th Street Renovation Project. The Trust is asking $500,000 for the property. The appraisal established a value of $490,000.
This parcel contains two business tenants. In preliminary talks with the tenants, they may be interested in purchasing a portion of the property. The contract allows the City, as buyer, to subdivide the property prior to closing and to assign its interests in the subdivided parcels to other buyers. Based on information extracted from the appraisal, it is preliminarily estimated (but subject to change based on the City’s subdivision requirements) that one parcel could consist of approximately 0.96 acres and would be valued at $178,465 with the existing structures, the second parcel could consist of 0.67 acres and would be valued at $140,000 with the existing structures and the third parcel (the one that the City would purchase for its roadway and stormwater improvement projects) could consist of 2.12 vacant acres and would be valued at $181,835.
The Trust is willing to sell the property in three separate sales as l...
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